Read now to learn how Bitcoin mining is really improving energy grids and people's lives, in Texas and around the world.

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If you’ve been reading The HiFi Bitcoin Letters for a long time, you may notice that the title of this article is nearly identical to the title of an article I wrote late last year on the topic of Bitcoin mining and the energy grid in Texas. That was intentional on my part, as the prediction I made back then was recently proven right.

Back then, I, along with other Bitcoin educators, spoke at length about the positive change that Bitcoin mining was driving in energy consumption. Bitcoin uses a vast amount of energy and miners are incentivized to find the cheapest energy available in order to ensure that they are as profitable as possible. Since miners are such consistent energy customers, my expectation was that energy providers in Texas and elsewhere would be incentivized to build infrastructure and improve technology in order to serve Bitcoin miners and that energy grids would be stronger as a result.

As expected, Bitcoin mining has been a huge benefit for the Texas energy grid and all its customers. Bitcoin miners are providing regular revenue to energy providers working to build out wind and solar farms in the area, not to mention more established energy sources like natural gas and coal. And as we saw earlier this month, miners are also supporting the grid by turning off their machines in times of high energy demand.

You read that right: even though mining revenue is completely dependent on machines running for as long as possible, miners in Texas willingly turned off their machines when the grid was in need. By doing so, they pushed over 1,000 megawatts of power back onto the grid, a significant amount that helped to keep the grid running smoothly during the hot summer days.

Not bad for a technology that critics erroneously want you to believe is harming the environment.

Environmental FUD Is Way Out Of Line

If you’ve been in the Bitcoin space for more than a little while, I’m sure you’ve heard so-called environmentalists and other critics throw out some pretty wild claims about how Bitcoin usage is harming the environment.

Don’t believe me? Newsweek ran an article in 2017 stating that “Bitcoin Mining [was] on Track to Consume All of the World's Energy by 2020” and other news outlets ran hit pieces claiming that Bitcoin would single-handedly raise global temperatures. Years have passed since then, and Bitcoin continues to consume only a miniscule percentage of the world’s energy and has limited negative environmental impact worldwide.

It’s hard to know exactly why so many people continually attack Bitcoin mining, but perhaps it stems from one of the following false ideas:

Lie #1 - Energy usage is bad

If Bitcoin gets a bad rap for using energy, then that must mean that using energy is bad right? Wrong. In fact, all value that has every been created throughout human history stems from the expenditure of energy, either energy from our own bodies or energy from the technologies that we’ve built.

Energy powers the hospitals where lives are saved. Energy powers the farms where our food is grown and the facilities where it’s refined. Energy powers the homes where we live and where we raise our families.

Energy usage, when expended in order to improve lives and livelihoods, is inherently good. Don’t let anyone tell you otherwise.

Lie #2 - Bitcoin isn’t a good use of energy

Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation, has shared an interesting and important perspective on why Bitcoin is so essential:

Billions of people worldwide are having their wealth and financial security stolen from them thanks to government-sponsored inflation through fiat currencies. There is no way around it: that loss is devastating to society and is contributing to suffering on a global scale.

Contrast that with Bitcoin, the most inflation-proof currency in human history, which is allowing people all over the world to regain their financial sovereignty. If that’s not a good use of energy, I’m not sure what is.

Bitcoin Is Good For Energy And Good For Society

The value created by Bitcoin can be seen all around us. Don’t allow uninformed or ill-intentioned critics to cloud your judgment about Bitcoin, the currency that can single-handedly restore financial sanity to a world that so desperately needs it.

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This is not financial or business advice. This newsletter and related content are for informational purposes only. Cryptocurrencies and digital assets can be risky. Always do your own research before making any sort of investment.